- Crude oil prices fell more than 2% amid mounting concerns of a potential trade war and after U.S. government data showed a second straight weekly increase in crude inventories and production.
- April WTI crude settled 2.3% lower at $61.15/bbl while Brent crude fell 2.2% to $64.34/bbl, and energy stocks were one of Wall Street's weakest performers although losses have been whittled away near the day's close.
- Crude prices had briefly pared losses after the EIA reported that U.S. inventories rose by 2.4M barrels in the last week, which was below analyst expectations for a 2.7M-barrel increase.
- "The generalized market anxiety over what could end up being a global trade war is dragging everything down," says Again Capital partner John Kilduff. "It does not bode well for future economic growth and increased energy demand."
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, XES, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, IEZ, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: Which ETF Is A Better Investment These Days, XLE Or VDE?
Original article